Bitcoin Cash (BCH) Closes Prior Hour Up 0.72%; in a Downtrend Over Past 14 Days, Breaks Above 100 Day Average, Bullish Engulfing Pattern in Play

The Hourly View for BCH

Last Updated May 27, 2021, 02:045 GMT

At the time of this writing, BCH’s price is up $5.17 (0.72%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bitcoin Cash Daily Price Recap

The choppiness in the recent daily price action of Bitcoin Cash continues; to start today, it came in at a price of 764.5 US dollars, up 6.3% ($45.34) since the day prior. This move happened on lower volume, as yesterday’s volume was down 29.15% from the day before — and down 64.99% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin Cash ranked 4th since the day prior in terms of percentage price change. The daily price chart of Bitcoin Cash below illustrates.

Bitcoin Cash Technical Analysis

First things first: Bitcoin Cash crossed above its 100 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to view things another way, note that out of the past 10 days Bitcoin Cash’s price has gone down 6 them. Candlestick traders will also want to note that we are seeing a bullish engulfing pattern amidst the downtrend on the 14 and 90 day charts; a bullish engulfing pattern amidst a downtrend may signal the downtrend is ready to culminate.

Overheard on Twitter

Over on Twitter, here were the top tweets about Bitcoin Cash:

  • From charliebilello:

    Crypto, last 24 hours…
    Bitcoin $BTC: +12%
    Stellar $XLM: +20%
    Dogecoin $DOGE: +21%
    Cardano $ADA: +22%
    Solana $SOL: +23%
    Ethereum $ETH: +27%
    Chainlink $LINK: +30%
    Litecoin $LTC: +31%
    XRP $XRP: +31%
    Polkadot $DOT: +32%
    Binance $BNB: +35%
    Bitcoin Cash $BCH: +37%
    Uniswap $UNI: +51%

  • From KonraToken:

    Post your SLP (SimpleLedger address) to get more Konra.Konra is a tipping token and merit system. It will also help bring more people into Bitcoin Cash and further Crypto adoption as a whole. @cctip_com airdrop 1 KONRA 200

  • From PabloGallegos1:

    @be_cashy @wisewizzz Obviously. Bitcoin Cash is the big taboo in the crypto sphere cause it is the continuation of the initial bitcoin project, one that frightens TPTB. BTC is so inoffensive to them, so status quo and so irrelevant for legit financial emancipation that TPTB are happy to embrace it.

As for a news story related to Bitcoin Cash getting some buzz:

Minerco (MINE) Developer of SHRUCOIN a Cryptocurrency that can be Purchased Online with VISA & MasterCard, Launches Shrucoin Pay Platform for Online Payments that Allows Merchants to Accept Bitcoin, Ethereum, Bitcoin Cash, Litecoin, DASH and EOS for Cannabis & Psychedelics Sales

Company Also In Talks To Acquire Cannabis Mobile Delivery Services To Utilize Shrucoin Pay As Method Of Payment: Will Allow Company To Enter Into The Rapidly Growing Global Cannabis Dispensary Delivery Services Market Which Is Expected To Reach $30 Billion By 2024i ANN ARBOR, MI / ACCESSWIRE / April 21, 2021 / Minerco, Inc….”The Magic Mushroom Company” (OTC PINK:MINE) today announced that it has launched Shrucoin Pay (https://shrucoinpay.com) a payment services platform that allows merchants in the Cannabis and Psychedelic sales market to receive Bitcoin, Ethereum, Bitcoin Cash, Litecoin, DASH and EOS for online payments that go straight into the merchant’s accounts….Whether the merchant is an ecommerce business looking to accept crypto or a freelancer hoping to gain a competitive edge by enabling Bitcoin payments on its invoices, Shrucoin Pay enables them to seamlessly receive cryptocurrency payments – securing market share today and for the years to come.” He continued: “We have also decided to enter into the rapidly growing global cannabis dispensary delivery services market to maximize the value of Shrucoin Pay….Cannabis companies that provide delivery services – including delivery operators and retailers – are seeing an ever increasing amount of orders as customers stock up on marijuana products in the wake of coronavirus pandemic concerns, plus the reports project substantial increases in the global licensed dispensary market, prediction that by 2024 the global licensed dispensary sales of cannabis will reach $40.6 billion.” Not only do we have the payment method, but we also provide the digital blockchain technology required….In February, Musk tweeted that his electric car company, Tesla, would start accepting Bitcoin as payment and that the company would also be making a $1.5 billion investment in the cryptocurrency….The trust’s shares have since tumbled 43% following Musk’s announcement this month that Tesla would suspend accepting the digital currency for purchases of its electric cars because of “rapidly increasing use of fossil fuels for Bitcoin mining” and regulatory clampdowns from China.Despite the environmental spotlight Musk’s tweet placed on Bitcoin, Davies said he doesn’t believe that those concerns apply across cryptocurrency trading as a whole.“There are many cryptocurrencies that are proof-of-stake, which use very little if any electricity,” Davies said.